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While Bitcoin (BTC) is trying to settle above the decisive support level of $ 80,000, a new warning from the Leviathan market has sparked fears about an alleged strategy by China that can significantly affect the leading cryptocurrency.
Chinese “secret” bitcoin strategy
In a conversation mail On X (previously Twitter), Leviathan claimed that China is planning to sell Bitcoin’s bodies, which may lead to a decrease in the price to $ 40,000. According to the analyst, this step is only the beginning of a wider scheme.
Despite the general position of the Chinese government against cryptocurrency trading, local authorities have found a solution, as it claims. The expert confirms that they were quietly spent on bitcoin sources, which led to an “underground strategy” that works in “legal ambiguity”.
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Currently, it has been reported that the Chinese authorities carry about 194,000 BTC, making it the second biggest Carrier From Bitcoin, directly behind the United States.
Leviathan highlights that although the Chinese government publicly condemns the cryptocurrency, it takes advantage simultaneously from its financial terms underground sales.
According to what is reported, local governments operate in contrast to their strategies, with some private technology companies operating to liquidate Bitcoin confiscated on marine stock exchanges. Others, alleged to maintain more “secret approach”.
The expert offers an example of a relatively unknown company in Shenzhen, Jiafenxiang, which he claimed facilitated more than $ 400 million in Crypting sales On behalf of the various city governments, transfer revenues to Yuan and transfer money to local financial departments.
Hong Kong stands out as a possible resort to BTC China Sources
In 2023, China witnessed a record increase in encryption crimes, with more than $ 59 billion linked to illegal activities and more than 3000 cases of laundering trial.
Amid this background, local governments are increasingly dependent on revenues Frains and confiscations – A large part of it comes from the cryptocurrencies.
However, the need for funds is unlikely with the position of the anti -Cripto control government, forcing officials to cancel the loading of metal currencies abroad through mediators with hope in the minimum intervention of Beijing.
There were discussions between judges, lawyers and police about the need for a consistent national policy regarding its seizure Cross currencies. Some have suggested that the central bank took control of these assets, while others suggested creating a sovereign encryption fund.
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Levithan referred to Hong Kong, which appeared, with his most suitable legal framework, as a potential bitcoin stock in China.
This position represents a unique challenge to China, as the contradiction between the condemnation of public currencies and their own profits from them becomes increasingly clear.
While the United States is moving towards the legitimacy of cryptocurrencies at the federal level, including discussions about Strategic reserves During the era of President Donald Trump and his constant encoding support, China may find itself forced to respond, as the expert asserts.
Ultimately, Leviathan said that the fate of 194,000 Bitcoin bitcoin holds not only is national policies, but also can send ripples across the global financial scene.
At the time of writing this report, BTC is trading $ 84,800, and a 5 % increase in the weekly timetable.
Distinctive image from Dall-E, Chart from TradingView.com
